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The Securities and Exchange Commission has “made a preliminary determination to recommend enforcement action” against Bank of New York Mellon and some of its current and former employees over their alleged violations of US foreign bribery laws, the giant custody lender revealed on Friday.

At issue are internships BNY Mellon allegedly gave to relatives of officials at its sovereign-wealth fund clients. The Foreign Corrupt Practices Act forbids US-based or US-listed companies from providing money or other items of value to foreign officials in order to generate business.

Disclosing that it and the concerned employees had received so-called Wells notices from the SEC, BNY Mellon said it believes the resolution of the issue “will not have a material effect” on its business or finances.